As a grandparent, helping support your grandchildren may seem like the best use of your money, but we encourage you to think about your own financial stability too. If you go broke trying to spoil them, you won’t be able to really spoil them when they get a bit older.
As accountants, we’re obligated to make the pitch for the boring but worthwhile gifts that will really help them grow. Consider making contributions to a college plan, which could provide you with a tax break while helping alleviate the crushing financial burden that college has become. You both win!
At Tardy & Co., PC we can help answer your questions about education savings plans. We will also try to help you answer other questions, like translating the current generation of teen slang or which fashion designer is most trendy, but we don’t make promises on those later questions.